Glossary of Terms
A forbearance is a postponement of loan repayment that is allowed due to certain types of financial hardships. During forbearance, your monthly loan p...
Mon, 15 Feb, 2016 at 11:49 AM
The Free Application for Federal Student Aid (FAFSA) is a form that can be prepared annually by current and prospective college students (undergraduate a...
Fri, 12 Feb, 2016 at 10:59 AM
The FSA ID is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in vario...
Fri, 12 Feb, 2016 at 11:23 AM
For the purposes of the Teacher Loan Forgiveness Program, full-time employment as a teacher is determined by the state's standard. For a borrowe...
Fri, 12 Feb, 2016 at 11:50 AM
The grace period is a specified period of time (usually six months) after borrowers graduate, leave school, or drop below half-time enrollment wher...
Mon, 15 Feb, 2016 at 1:09 PM
Under a Graduated Repayment Plan, monthly payments will start out at a lower amount and generally will increase every two years. Payments are made for up to...
Mon, 15 Feb, 2016 at 11:54 AM
A grant is financial aid, often based on financial need, that does not need to be repaid (unless, for example, you withdraw from school and owe a re...
Fri, 12 Feb, 2016 at 11:53 AM
Guaranteed Student Loans is the name for Federal Family Education Loan (FFEL) Program loans that were made prior to 1992.
Fri, 12 Feb, 2016 at 11:56 AM
An income tax refund offset is a debt collection tool that allows the government to seize income tax refunds from individuals who owe the federal government...
Mon, 15 Feb, 2016 at 8:26 AM
A lender is an organization that initially makes a loan. The lender could be the borrower's school, a bank, credit union, or other lending insti...
Fri, 12 Feb, 2016 at 12:21 PM